EDF takes big bite out of Chinese wind energy developer

 
Jessica Morris
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EDF is reviewing its European fossil fuel operations (Source: Getty)

Embattled French utility giant EDF has taken a majority stake in UPC Asia Wind Management.

The firm's renewables unit, EDF Energies Nouvelles, paid an undisclosed amount for a stake in the Chinese company which develops and builds wind projects.

EDF added that partners UPC China and US-based Global Environment Fund will remain shareholders.

The company has singled out China's renewables market was a key priority, with Beijing planning to reach 200 gigawatts in installed wind energy capacity by 2020.

It comes as the heavily indebted firm is selling off coal and gas assets amid a review of its European fossil fuel operations.

The Wall Street Journal reported yesterday that EDF is selling its coal trading operation, which helps supply coal-fired power stations across Europe.

It follows earlier suggestions that the company was mulling a sale of its British gas and coal plants to invest more in nuclear energy.

EDF has attracted attention in the UK over its plans to build the controversial Hinkley Point C nuclear power plant in Somerset.

It’s been beset with delays, as well as concerns over funding. The long-awaited final decision is now expected in September.

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